Retirement contribution limits remained unchanged;

 

• 401(k) $18,000 plus $6,000 catch-up if you are over 50,
• SIMPLE IRA $12,500 plus $3,000 and remain unchanged for
• Traditional/Roth IRAs at $5,500 plus $1,000.

 

 

The 2016 mileage rates are:

 

• 54 cents per business mile driven,
• 19 cents per medical/moving mile driven and
• 14 cents per charitable mile driven.

 

Other Tax Extenders: Congress passed a bill on December 18, 2015.

 

• The Section 179 deduction limits were made permanent at $500,000 indexed for inflation and
• Special depreciation on new asset purchases has been extended through December 31, 2019.